Professional Company LiquidatorsServing Businesses in Alton

A licensed insolvency practitioner acts as the liquidator, taking control of the company's assets, realising them for the benefit of creditors, investigating the directors' conduct, and ensuring that the company is dissolved in accordance with insolvency law. They also communicate with creditors and handle all statutory filings.

The cost of a creditors' voluntary liquidation typically ranges from £4,000 to £8,000 plus VAT, depending on the complexity of the case and the size of the company. The liquidator's fee is usually paid from the company's assets, but if assets are insufficient, directors may need to fund the process personally.

A straightforward creditors' voluntary liquidation can be completed in about six to twelve months. However, the process may take longer if there are complex asset realisations, legal disputes, or investigations into director conduct. The liquidator must also wait for the prescribed period before the company is formally dissolved.

Yes, it is possible to liquidate an insolvent company with no assets, but you will need to cover the liquidator's fees personally. Some insolvency practitioners offer a reduced fee for 'asset-less' liquidations, but you must still comply with statutory requirements and file the necessary documents with the registrar.

Compulsory liquidation is ordered by a court, usually following a creditor's petition, whereas voluntary liquidation is initiated by the company's shareholders. A creditors' voluntary liquidation (CVL) is the most common type for insolvent companies and is started by a shareholder resolution, after which creditors are invited to a meeting.

Yes, alternatives include a company voluntary arrangement (CVA), which allows you to repay debts over time, or administration, which may enable the business to continue trading. A formal restructuring or refinancing might also be possible. You should seek professional advice to determine which option is best for your situation.

Employees are made redundant when a company enters liquidation, and they may be entitled to claim redundancy pay, unpaid wages, and holiday pay from the National Insurance Fund. The liquidator will provide the necessary forms and guidance, and employees are classed as preferential creditors for certain claims.

Directors are generally not personally liable for company debts, but they can be if they have given personal guarantees, traded wrongfully, or acted fraudulently. The liquidator will investigate the directors' conduct and may seek a court order for compensation if misfeasance is found.

You will need to provide the company's statutory books, financial records, bank statements, tax returns, and a list of creditors and assets. You must also complete a statement of affairs, which details the company's financial position. The liquidator will use this information to administer the estate and report to creditors.

You should select a practitioner who is licensed by a recognised professional body, such as the Insolvency Practitioners Association or the ICAEW. Look for someone with experience in your industry and who offers a clear fee structure. You can verify their licence and check for any disciplinary history before appointing them.